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FundBeta

Fund Beta is a micro savings and loan scheme designed to drive a flexible savings culture amongst low- and medium-income earners and businessmen and women.

This product is designed to assist our subscribers curtail their spending habits to save daily, weekly or monthly savings pattern which would yield them an interest of 12% pa. This also qualifies them for loan double their savings (T&Cs applies)

Features:

  • Minimum opening balance of N5, 000.
  • Interest rate of 12% per annum
  • Interest rate is calculated at the end of each day to be credited at the end of the month. This is calculated on the total savings as at time of calculation for each day.
  • Flexible frequency: Daily, weekly and monthly savings.
  • High interest: Interest rate of 12% of savings per annum
  • Monthly returns: Payment of interest on savings every month

How it Works

  • Save funds- Save money daily, weekly or monthly- whichever frequency suits you.
  • Receive interest- Interest is paid on funds monthly irrespective of the saving frequency
  • Get loans- Qualify for double your savings in loans when you save for up to three months.

Terms and Conditions

  • On the daily savings, with the major aim of strategically saving, there would be no penalty on the four withdrawals of saving but a charge of 5% on subsequent amounts withdrawn.
  • A full three months straight daily savings qualifies for a loan after 3 months, weekly contribution qualifies for a loan after 4 months and the monthly package qualifies for a loan after 6 months at 3 % p.a. with interest paid monthly. This does not stop the contribution during the loan repayment as it would be an on-going concern. Should there be a default more than three times, the loan would not be granted.
  • Savers should have an account in any bank with an ATM card which would be registered on the platform to enable a direct debit.
  • Upon meeting the set criteria for accessing the facility (maximum of 3 times default for the daily contributors and twice for the weekly) certain other criteria are to be met.
  • For as low of N20,000 to N500,000 – credit disbursement is done automatically with little or no documents. Customer is prompted once he qualifies.
  • Mortgage finanFor loan request from N500,000 and above – a credit search is done on the customer. Customer fills the online form with a TAT of 12hours for disbursement.cing

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